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Technology Stocks : Discuss Year 2000 Issues

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To: C.K. Houston who wrote (5901)	6/4/1999 12:01:00 PM
From: C.K. Houston	of 9818

Regulators Criticized for Withholding Bank Y2K Ratings from Public ======================================================== Torrenzano, a former member of the management committee and chief spokesperson at the New York Stock Exchange, criticized regulators for refusing to make public its examinations of bank Y2K readiness. The conference, held in Williamsburg, Virginia, was attended by more than 500 top bank executives and regulators. ''Only 3.2 percent of the more than 10,000 insured banks were rated 'Needs Improvement' or 'Unsatisfactory,''' said Torrenzano. ''And that's great -- unless your money is in a bank that falls in that 3.2 percent. ... ''The money I have in the bank is there because I don't want to gamble with it, even though the odds are 97 to 3 in my favor. And shareholders also have the right to know how their banks have been rated." "They are the owners of the bank. They have invested in these bank stocks with the expectation that sound management practices will result in continued dividends and increased stock value. I wouldn't exactly call getting a sub-par Y2K rating sound management. If this is the case, the owners must be told,'' he said. Message 9957850 Cheryl

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